Stewart jumps to defence of Silverstone

Ecclestone remarked in an Italian newspaper interview that he didn't see a future for the British GP at Silverstone. "Believe me, in the next 10 years, Europe will slide down to the level of the Third World in economic terms," he said. "It doesn't have the slightest chance of competing with China, South Korea and India. Before that happens, we'll have an F1 race in India."

Stewart responded: "British motorsport, its industry and the government have to listen to these statements. Bernie is right to highlight the massive financial power and draw of those countries trying to get in to the F1 calendar.

"However, the BRDC, Interpublic Group (which own rights to the race) and Formula One Management [Ecclestone's company] have been responsible for the creation and financing of the master plan to redevelop considerable areas of Silverstone in order to retain the British GP [there]. In addition to the improvements in roads, car parking, a police traffic control centre and public amenities in recent years, we are now preparing to rebuild the entire paddock and pit complex, the media centre and the race control building.

"The BRDC have committed their monies to this and are currently waiting for IPG and FOM to confirm in writing their agreement. The BRDC have made it clear on many occasions that, as owners of Silverstone, we are prepared to make significant proportionate financial contributions beyond the £15m already committed to the master plan to retain the grand prix in the UK.

"We offered an additional £15m to further assist in the retention of the grand prix to 2015. Although the BRDC are working successfully with the East Midlands Development Agency on projects to assist the motorsport industry, we still await commitments from IPG, FOM, and the government directly related to the retention of the grand prix."